The alternative funding these guys should be looking at is a gold stream. The way I see it is there’s circa $460/t NSR rock there at Federation - $250/t Zinc, $150/t Lead and $60/t Gold.. costs are likely around the $260/t mark.
What you see more typically in North American markets is a royalty or stream financing this due to cost of capital. If you think $60/t or 14kozpa payable comes out here that’s ~$36m pa of gold sales. Stream half ($18m pa) and sell it at 3x you have $60m in funding. Then you bring in senior debt on top. Beats raising equity at 7-8cps… and with a $200/t margin ordinarily selling half of the gold portion ($30/t) ain’t going to break the bank. The shorts need a squeeze and a stream will give it to em.
Federation Project Approved, page-17
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